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Market indicators continue to point to “Buy” sentiment, BTC price falls

By February 17, 20232 minute read

Today’s analysis continues to suggest a “Buy” signal for the market.

The technical analysis for today’s market largely indicates a “Buy” sentiment. Bitcoin briefly surged above $25,000 but quickly fell, and is now trading around $23,618. There are several reasons for this decline, including investors’ growing apprehension about inflation and the U.S. central bank’s monetary policies. 

The Exponential Moving Average for 10-day and 200-day indicates a “Buy” at 22972.571 and 21470.35, respectively.  Similarly, the Simple Moving Average for 10-day and 200-day SMA indicates a “Buy” as well at 22571.30 and 19709.94, respectively. Both moving averages indicate a buy market. 

The Ichimoku Base Line, valued at 23323.00, continues to be neutral, whereas the Hull Moving Average indicates “Sell” signal at 24084.81, as opposed to “Buy” from yesterday. The Volume Weighted Moving Average at 22976.74 continues to signal “Buy”. 

Major market indicators continue to point to a neutral sentiment. The Relative Strength Index (14), one of the key indicators, sits at 61.68, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) are at 71.98 and 37.43 respectively, further indicating a neutral market.

The MACD Level (12, 26), at 481.90, indicates a “Sell”, in contrast to its signal from the previous day. The Stochastic RSI Fast (3, 3, 14, 14) is at 78.86 with a Neutral indicator, while the Williams Percent Range (14) at −37.78, with a significant change in value from the previous day, also signals “Neutral”. 

As of 10:00 AM, 17th February 2023, on WazirX, the current price of Bitcoin is ₹20,17,99, with almost 0.70% increase in the last hour. There was a 0.98% decrease in its price in the last 24 hours. The 7-days Bitcoin was up 7.76%.

Ethereum (ETH) is currently trading at ₹1,38,220, with a 0.01% decrease in the last hour.  There has been a 2.29% decrease in its price in the last 24 hours. The 7-day ETH was up 4.87%.

Some tokens performed well on WazirX including Cocos BCXl (COCOS), Alchemy Pay (ACH), and Push Protocol (PUSH) with price increases of 21%, 13.64%, and 12.94% respectively. 

However, some tokens such as Gifto (GFT), Toko Token (TKO), and Bakery Token (BAKE) underperformed with price decreases of 26.29%, 5.8%, and 5.6% respectively.

Shiba Inu (SHIB) saw a price decrease of 2.54% and is now priced at ₹0.001114. Dogecoin also saw a decrease of 3.05% and is now priced at ₹7.30

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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